| Balance Sheets | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Cash and cash equivalents | 54,034 | 84,851 | 70,022 | 80,983 |
| Marketable securities | 148,276 | 178,996 | 223,730 | 244,567 |
| Accounts receivable, net | 56,879 | 54,578 | 50,541 | 44,993 |
| Inventory | 1,699 | 1,852 | 2,042 | 2,169 |
| Prepaid expenses and other current assets | 32,281 | 26,985 | 21,161 | 22,209 |
| Total current assets | 293,169 | 347,262 | 367,496 | 394,921 |
| Property and equipment, net | 2,245 | 2,248 | 2,460 | 2,420 |
| Operating lease right-of-use assets | 4,536 | 3,923 | 4,368 | 4,804 |
| Finance lease right-of-use assets | 7,284 | 7,343 | 5,071 | 5,244 |
| 2026 | 1,097 | NaN | 366 | NaN |
| 2027 | 1,463 | 1,463 | 1,463 | NaN |
| 2028 | 1,463 | 1,463 | 1,463 | NaN |
| 2029 | 1,463 | 1,463 | 1,463 | NaN |
| 2030 | 1,463 | 1,463 | 1,463 | NaN |
| 2030 | NaN | 1,463 | NaN | NaN |
| Thereafter | 6,822 | 6,822 | 8,285 | NaN |
| Hetlioz | 13,771 | 14,137 | 14,503 | NaN |
| 2026 | 4,158 | NaN | 1,386 | NaN |
| 2027 | 5,544 | 5,544 | 5,544 | NaN |
| 2028 | 5,544 | 5,544 | 5,544 | NaN |
| 2029 | 5,544 | 5,544 | 5,544 | NaN |
| 2030 | 5,544 | 5,544 | 5,544 | NaN |
| 2030 | NaN | 5,544 | NaN | NaN |
| Thereafter | 65,232 | 65,232 | 70,776 | NaN |
| PONVORY | 91,566 | 92,952 | 94,338 | NaN |
| 2026 | 706 | NaN | NaN | NaN |
| 2027 | 941 | 941 | NaN | NaN |
| 2028 | 941 | 941 | NaN | NaN |
| 2029 | 941 | 941 | NaN | NaN |
| 2030 | 941 | 941 | NaN | NaN |
| 2030 | NaN | 941 | NaN | NaN |
| Thereafter | 5,295 | 5,295 | NaN | NaN |
| NEREUS | 9,765 | 10,000 | NaN | NaN |
| Intangible assets, net | 115,102 | 117,089 | 108,841 | 110,593 |
| Deferred tax assets | NaN | 0 | 103,073 | 97,143 |
| Non-current inventory and other | 11,189 | 11,083 | 9,831 | 9,621 |
| Total assets | 433,525 | 488,948 | 601,140 | 624,746 |
| Accounts payable and accrued liabilities | 60,620 | 68,297 | 47,619 | 57,119 |
| Product revenue allowances | 74,962 | 76,865 | 70,251 | 64,370 |
| Total current liabilities | 135,582 | 145,162 | 117,870 | 121,489 |
| Operating lease non-current liabilities | 3,266 | 2,991 | 3,419 | 3,877 |
| Finance lease non-current liabilities | 3,785 | 4,076 | 2,808 | 3,083 |
| Other non-current liabilities | 10,127 | 9,533 | 11,044 | 9,968 |
| Total liabilities | 152,760 | 161,762 | 135,141 | 138,417 |
| Common stock, 0.001 par value 150,000,000 shares authorized 60,135,062 and 59,101,630 shares issued and outstanding at march 31, 2026 and december 31, 2025, respectively | 60 | 59 | 59 | 59 |
| Additional paid-in capital | 723,826 | 721,264 | 718,979 | 716,867 |
| Accumulated other comprehensive income | 212 | 629 | 540 | 396 |
| Accumulated deficit | -443,333 | -394,766 | -253,579 | -230,993 |
| Total stockholders equity | 280,765 | 327,186 | 465,999 | 486,329 |
| Total liabilities and stockholders equity | 433,525 | 488,948 | 601,140 | 624,746 |
Vanda Pharmaceuticals Inc. (VNDA)
Vanda Pharmaceuticals Inc. (VNDA)